It is commonplace for one party to engage in a transaction with another party directly over a public data communications network, such as the global Internet. In these types of transactions, be it for engaging in a purchase transaction, facilitating a trade or exchanging vital information, the parties involved may be anonymous to one another. The anonymity associated with parties corresponding via the Internet or other network medium can lead to trust concerns that prevent otherwise successful transactions from occurring, particularly in the area of commercial collaboration. Unfortunately, many traditional methods for authenticating parties involved in a transaction require the exchange of sensitive information regarding the parties involved, which jeopardizes anonymity.
Based on the foregoing, there is a need for an effective and reliable way to authenticate parties without compromising the integrity or anonymity of respective members.